Tax Tip: Use $25K Rental Loss to decrease your taxes

The tax loss you can claim on your rental property totally depends on
how much money you make, and whether or not your rental activity is
considered a passive activity.

For the majority of real estate investors, rental income is passive
income. As a result:

You can deduct up to $25,000 of rental losses on your tax return. If
your adjusted gross income is between $100,000 and $150,000, you can
deduct up to ($150,000 - Your Income)/2.

If your losses exceed the limit, they can be carried forward for up to
15 years. To learn more about deductible loss and how it affects your
Schedule E, take a look at RealTaxTips.com (http://www.trexglobal.com). It’s a forum for real estate investors to learn
how others are saving money on their real estate investments, and it’s
an easy way to get prepared for taxes.

Welcome to Accountant Forums!

Welcome to the Accountant Forums, full of expert advice for accounting related topics.

Please join our friendly community by clicking the button below - it only takes a few seconds and is totally free. You'll be able to ask questions about accountancy, tax and audit or chat with the community and help others.
Ask a Question

Useful Searches

We are a forum for professional accountants and tax advisers to discuss accountancy and taxation, but we also welcome individuals and business users who have queries relating to these matters. More About Us...